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                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

   
                                  FORM 10-KSB/A
                                  AMENDMENT III
    

                                   (Mark One)
               [X] ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                 SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]

                   For the fiscal year ended December 31, 1995

             [ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from...............to...............

                         Commission file number 0-18321

                ENEX OIL & GAS INCOME PROGRAM IV - Series 4, L.P.
                 (Name of small business issuer in its charter)

           New Jersey                                        76-0251422
       (State or other jurisdiction of                      (I.R.S. Employer
       incorporation or organization)                      Identification No.)

             800 Rockmead Drive
            Three Kingwood Place
               Kingwood, Texas                                    77339
  (Address of principal executive offices)                     (Zip Code)

         Issuer's telephone number, including area code: (713) 358-8401

       Securities registered under Section 12(b) of the Exchange Act: None

         Securities registered under Section 12(g) of the Exchange Act:


                          Limited Partnership Interest

            Check whether the issuer (1) filed all reports  required to be filed
by  Section  13 or 15(d) of the  Exchange  Act during the past 12 months (or for
such shorter period that the registrant was required to file such reports),  and
(2) has been subject to such filing requirements for the past 90 days.

                                    Yes x No

            Check if there is no disclosure of delinquent  filers in response to
Item 405 of Regulation S-B is not contained in this form, and no disclosure will
be contained,  to the best of the registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form 10-KSB
or any amendment to this Form 10-KSB.[x]

        State issuer's revenues for its most recent fiscal year. $94,299

            State  the  aggregate  market  value  of the  voting  stock  held by
non-affiliates  computed by  reference to the price at which the stock was sold,
or the average bid and asked prices of such stock as of a specified  date within
the past 60 days (See  definition  of  affiliate  in Rule 12b-2 of the  Exchange
Act):

                                 Not Applicable

                      Documents Incorporated By Reference:

                                      None

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<PAGE>

                                     PART II


Item 5.      Market for Common Equity and Related Security Holder Matters


Market Information

             There is no  established  public  trading  market for the Company's
outstanding limited partnership interests.



Number of Equity Security Holders

                                                Number of Record Holders
               Title of Class                     (as of March 1, 1996)

             -----------------                 ------------------------------


          General Partner's Interests                       1

          Limited Partnership Interests                    432




Dividends

          The Company made cash  distributions to partners of $7 and $9 per $500
investment in 1995 and 1994,  respectively.  The payment of future distributions
will depend on the Company's  earnings,  financial  condition,  working  capital
requirements  and  other  factors,  although  it  is  anticipated  that  regular
quarterly distributions will continue through 1996.


                                      II-1


<PAGE>



Item 6.     Management's Discussion and Analysis or Plan of Operation

Results of Operations

            This  discussion  should be read in  conjunction  with the financial
statements of the Company and the notes thereto included in this Form 10-KSB.

            Oil, gas and plant product  sales  decreased to $94,299 in 1995 from
$109,257 in 1994.  This  represents  a decrease of $14,958 or 14%.  Oil revenues
decreased  by $2,174 or 3%. A 6% decrease  in oil  production  reduced  sales by
$4,089.  This increase was partially  offset by a 3% increase in the average oil
sales  price.  Gas sales  decreased  by $15,024 or 43%.  A 38%  decrease  in gas
production  reduced  sales by  $13,400.  A 7%  decrease in the average gas sales
price reduced sales by an additional  $1,602.  Plant product sales  increased by
$2,240 or 73%. A 90%  increase in the  production  of plant  products  increased
sales by $2,765.  This  increase  was  partially  offset by a 9% decrease in the
average plant products sales price. The decrease in oil production was primarily
the result of natural  production  declines.  The decrease in gas production was
primarily due to a production surge in the first half of 1994 resulting from the
successful  recompletion of a well in the Lake Decade acquisition.  The increase
in  the  production  of  plant  products  was  due to the  receipt  of  revenues
attributable to prior years from the Kalkaska gas plant.  The changes in average
prices  correspond  with changes in the overall  market for the sale of oil, gas
and plant products.

            Lease operating expenses remained virtually  unchanged at $25,943 in
1995 as compared to $25,983 in 1994.  The decrease of $40 was  primarily  due to
the changes in production, noted above.

            Depreciation and depletion expense decreased to $39,101 in 1995 from
$68,932 in 1994.  This  represents  a decrease of $29,831 or 43%. The changes in
production,  noted above reduced depreciation and depletion expense by $8,183. A
36% decrease in the depletion rate reduced depreciation and depletion expense by
an additional $21,648. The rate decrease was primarily due to an upward revision
of the oil and gas reserves during 1995.

            General and  administrative  expenses  decreased  to $23,545 in 1995
from $27,991 in 1994.  This  decrease of $4,446 or 16% is primarily  due to less
staff time being  required to manage the Company's  operations in 1995,  coupled
with a $1,197 decrease in direct costs incurred by the Company.

Capital Resources and Liquidity

   
            The  Company's  cash flow from  operations is a direct result of the
amount of the net  proceeds  realized  from the sale of oil and gas  production.
Accordingly,  the changes in cash flows from 1994 to 1995 are  primarily  due to
the changes in oil and gas sales described  above.  It is the general  partner's
intention to distribute  substantially all of the Company's available cash flows
to the Company's  partners.  The Company's  "available cash flow" is essentially
equal to the net amount of cash provided by  operating,  financing and investing
activities activities.
    

            The Company will continue to recover its reserves and  distribute to
the partners the net proceeds  realized from the sale of oil and gas  production
after payment of debt obligations. The Company plans to repay the amount owed to
the general  partner from such proceeds over a three year period.  Distributions
decreased from 1994 to 1995 due to the lower revenues received in 1995, as noted
above. Distribution amounts are subject to change if net revenues are greater or
less than expected.  Nonetheless,  the general partner believes the Company will
continue  to have  sufficient  cash flow to fund  operations  and to  maintain a
regular pattern of distributions.

            At December 31, 1995,  the Company had no material  commitments  for
capital  expenditures.  The Company does not intend to engage in any significant
developmental drilling activity.

                                      II-2

<PAGE>



Item 7.      Financial Statements and Supplementary Data


INDEPENDENT AUDITORS' REPORT

The Partners
Enex Oil & Gas Income
  Program IV - Series 4, L.P.


We have audited the accompanying  balance sheet of Enex Oil & Gas Income Program
IV- Series 4, L.P. (a New Jersey  limited  partnership)  as of December 31, 1995
and the related statements of operations, changes in partners' capital, and cash
flows for each of the two years in the period ended  December  31,  1995.  These
financial statements are the responsibility of the general partner of Enex Oil &
Gas Income Program IV Series 4, L.P. Our responsibility is to express an opinion
on the financial statements based on our audits.

We  conducted  our  audits  in  accordance  with  generally   accepted  auditing
standards.  Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement.  An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.  An audit also includes
assessing the  accounting  principles  used and  significant  estimates  made by
management,  as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.

In our  opinion,  such  financial  statements  present  fairly,  in all material
respects, the financial position of Enex Oil & Gas Income Program IV - Series 4,
L.P. at December 31, 1995 and the results of its  operations  and its cash flows
for each of the two years in the period ended  December  31, 1995 in  conformity
with generally accepted accounting principles.


DELOITTE & TOUCHE  LLP




Houston, Texas
March 18, 1996

                                      II-3

<PAGE>
   
<TABLE>
<CAPTION>
ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.

BALANCE SHEET, DECEMBER 31, 1995
------------------------------------------------------------------------------

ASSETS
                                                                      1995
                                                                --------------
CURRENT ASSETS:
<S>                                                             <C>          
  Cash                                                          $       3,238
  Accounts receivable - oil & gas sales                                 7,713
  Other current assets                                                  1,807
                                                                --------------

Total current assets                                                   12,758
                                                                --------------

OIL & GAS PROPERTIES
  (Successful efforts accounting method) - Proved
   mineral interests and related equipment & facilities             1,157,181
  Less  accumulated depreciation and depletion                        785,993
                                                                --------------

Property, net                                                         371,188
                                                                --------------

TOTAL                                                           $     383,946
                                                                ==============

LIABILITIES AND PARTNERS' CAPITAL (DEFICIT)

CURRENT LIABILITIES:
   Accounts payable                                             $       8,663
   Payable to general partner                                          85,188
                                                                --------------

Total current liabilities                                              93,851
                                                                --------------

PARTNERS' CAPITAL (DEFICIT):
   Limited partners                                                   284,379
   General partner                                                      5,716
                                                                --------------

Total partners' capital                                               290,095
                                                                --------------

TOTAL                                                           $     383,946
                                                                ==============


Number of $500 Limited Partner units outstanding                        2,520
</TABLE>



See accompanying notes to financial statements.
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                                      II-5
    


<PAGE>

ENEX OIL & GAS INCOME PROGRAM IV - SERIES 4, L.P.

NOTES TO FINANCIAL STATEMENTS
FOR THE TWO YEARS ENDED DECEMBER 31, 1995

------------------------------------------------------------------------


1.           PARTNERSHIP ORGANIZATION

             Enex Oil & Gas Income Program IV - Series 4, L.P. (the  "Company"),
             a New Jersey limited  partnership,  commenced  operations on August
             15,  1989  for  the  purpose  of  acquiring   proved  oil  and  gas
             properties. Total limited partner contributions were $1,260,210, of
             which  $12,602  was  contributed  by  Enex  Resources   Corporation
             ("Enex"), the general partner.

             In  accordance  with the  partnership  agreement,  the Company paid
             commissions  of  $119,695  for  solicited   subscriptions  to  Enex
             Securities  Corporation,  a subsidiary of Enex, and reimbursed Enex
             for organization expenses of approximately $38,000.

             Information  relating  to the  allocation  of  costs  and  revenues
             between Enex, as general  partner,  and the limited  partners is as
             follows:
                                                                       Limited
                                                          Enex         Partners

             Commissions and selling expenses                            100%
             Company reimbursement of organization
               expense                                                   100%
             Company property acquisition                                100%
             General and administrative costs              10%            90%
             Costs of drilling and completing
               development wells                           10%            90%
             Revenues from temporary investment of
               partnership capital                                       100%
             Revenues from producing properties            10%            90%
             Operating costs (including general and
               administrative costs associated with
               operating producing properties)             10%            90%

             At the point in time  when the cash  distributions  to the  limited
             partners  equal  their  subscriptions  ("payout"),   the  costs  of
             drilling and completing  development wells, revenues from producing
             properties,  general and administrative  costs, and operating costs
             will be allocated 15% to the general partner and 85% to the limited
             partners.

2.           SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

             Oil and Gas  Properties - The Company uses the  successful  efforts
             method of  accounting  for its oil and gas  operations.  Under this
             method,  the  costs  of  all  development  wells  are  capitalized.
             Capitalized costs are amortized on the  units-of-production  method
             based on estimated total proved reserves.  The acquisition costs of
             improved properties are capitalized and periodically assessed for
             impairment.

                                      II-9

<PAGE>

             The Financial  Accounting  Standards Board has issued  Statement of
             Financial   Accounting  Standards  No.  121,  "Accounting  for  the
             impairment  of Long Lived  Assets and for  Long-Lived  Assets to Be
             Disposed Of." This statement  requires that  long-lived  assets and
             certain  identifiable  intangibles  held and used by the Company be
             reviewed for impairment whenever events or changes in circumstances
             indicate  that  the  carrying   amount  of  an  asset  may  not  be
             recoverable.

             The Company has not determined the effect, if any, on its financial
             position  or  results  of  operations  which  may  result  from the
             adoption of this statement in the first quarter of 1996.

   
             The Company's  operating  interests in oil and gas  properties  are
             recorded  using  the pro  rata  consolidation  method  pursuant  to
             Interpretation 2 of Accounting Principles Board Opinion 18.
    

             Cash Flows - The  Company  has  presented  its cash flows using the
             indirect method and considers all highly liquid investments with an
             original maturity of three months or less to be cash equivalents.

             General and  Administrative  Expenses - The Company  reimburses the
             General Partner for direct costs and administrative  costs incurred
             on its behalf.  Administrative  costs  allocated to the Company are
             computed  on a cost  basis in  accordance  with  standard  industry
             practices  by  allocating  the time spent by the General  Partner's
             personnel  among  all  projects  and by  allocating  rent and other
             overhead on the basis of the relative direct time charges.

             Uses of Estimates - The preparation of the financial  statements in
             conformity with generally accepted  accounting  principles requires
             management  to make  estimates  and  assumptions  that  affect  the
             reported  amounts  of assets  and  liabilities  and  disclosure  of
             contigent  assets  and  liabilities  at the  date of the  financial
             statements and the reported  amounts of revenue and expenses during
             the  reporting  periods.  Actual  results  could  differ from these
             estimates.

3.           FEDERAL INCOME TAXES

             General - The Company is not a taxable  entity for  federal  income
             tax purposes. Such taxes are liabilities of the individual partners
             and the  amounts  thereof  will vary  depending  on the  individual
             situation of each partner.  Accordingly,  there is no provision for
             income taxes in the accompanying financial statements.



                                     II-10

<PAGE>



4.           PAYABLE TO GENERAL PARTNER

             The payable to general  partner  primarily  consists of general and
             administrative expenses allocated to the Company by Enex during the
             Company's  start-up  phase  and for  its  ongoing  operations.  The
             Company plans to repay the amount owed to the general  partner from
             such proceeds over a three year period.

5.           REPURCHASE OF LIMITED PARTNER INTERESTS

             In accordance with the partnership  agreement,  the general partner
             is required to purchase limited partner interests (at the option of
             the  limited  partners)  at annual  intervals  beginning  after the
             second year  following the  formation of the Company.  The purchase
             price,  as  specified  in  the  partnership  agreement,   is  based
             primarily  on reserve  reports  prepared by  independent  petroleum
             engineers as reduced by a specified risk factor.

6.           SIGNIFICANT PURCHASERS

       Total Petroleum, Inc., Amoco Production Company and Don Yohe Enterprises,
       Inc. accounted for 18%, 15% and 14%, respectively, of the Company's total
       sales in 1995.  Norcen Explorer,  Inc., Total  Petroleum, Inc. and Amoco
       Production Company  accounted for 22%, 20% and 12%,  respectively, of the
       Company's total sales in 1994. No other purchaser individually accounted
       for more than 10% of such sales.

7.           PROPERTY TRANSACTIONS

             Effective October 1, 1994, the Company acquired  additional working
             and royalty interests in the Concord acquisition for $2,722 from an
             affiliated  partnership.  The purchase  price  represents  the fair
             market value as determined  from the receipt of bids solicited from
             independent third party companies.




                                      II-12

<PAGE>


Item 8.      Changes In and Disagreements With Accountants on Accounting and
             Financial Disclosure


             Not Applicable


                                      II-13

<PAGE>




<PAGE>
                                   SIGNATURES


                  In  accordance  with Section 13 or 15 (d) of the Exchange Act,
the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.

                                     ENEX OIL AND GAS INCOME PROGRAM IV -
                                         SERIES 4, L.P.

                                      By:    ENEX RESOURCES CORPORATION
                                               the General Partner



   
December 23, 1996                       By:     /s/   G. B. Eckley
                                              -------------------
                                                      G. B. Eckley, President


                  In  accordance  with the  Exchange  Act,  this report has been
signed below on December 23, 1996,  by the following  persons in the  capacities
indicated.     


ENEX RESOURCES CORPORATION             General Partner


By:  /s/      G. B. Eckley

             ------------------------
              G. B. Eckley, President


     /s/      G. B. Eckley
                                        President, Chief Executive
              ------------------        Officer and Director


              G. B. Eckley


     /s/      R. E. Densford            Vice President, Secretary, Treasurer,
                                        Chief Financial Officer and Director
             -------------------

              R. E. Densford


     /s/      James A. Klein            Controller and Chief Accounting Officer

             -----------------

              James A. Klein



                                       S-1